Best Balance Transfers Discussion Area

WASHER

Moggles wrote: »

There are plenty of 0% balance transfer credit cards to choose from, but all currently charge BT fees. That said, if you can clear 6% AER on savings, you should still come out on the right side.

To help you further, we would need to know which credit cards - besides Barclaycard - you have at the mo or have held recently.

I had Virgin, but closed the account, I hold no other ones and my credit report states all settled and closed, does this help?

Moggles_2

WASHER wrote: »

I had Virgin, but closed the account, I hold no other ones and my credit report states all settled and closed. Does this help?

Yes. To maximise the 0% period, 13 months is available to new customers from Halifax on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

WASHER

Moggles wrote: »

The minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

Excellent, thats one thing I actually hadn't thought of, looking at the min payment.

hendo74

Hello,

I currently have a MBNA credit card with £4000 debt on it.Forgot to switch it to a 0% interest and last month my interest was £85!
Need to get it switched asap,have worked out i want to pay the £4000 off in full in 12 months.
Applied for the post office card and we were refused.
Where would i be best trying next?
Sandra.

Moggles_2

hendo74 wrote: »

I currently have a MBNA credit card with £4000 debt on it. Need to get it switched asap. Have worked out i want to pay the £4000 off in full in 12 months. Applied for the Post Office card and we were refused. Where would i be best trying next?

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

To help you further, we would need to know which credit cards you have at the mo or have held recently.

InaPickle

Moggles wrote: »

The majority of cc providers, including Virgin, ask for annual income.

You can check this yourself, as well as the other questions, by doing a dummy run online. There's no need to press the submit button at the end, if not entirely happy with your answers

:rotfl:I was thinking of doing something like that, but was thinking of putting in a wrong name etc in case something went wrong and it got submitted. Might go and do this anyway...Thanks!

BTW, what do you do if you haven't had a year's worth of income? Do you just base it on what you've earned in the time you have been earning? Is this considered OK by the CC company, and do they check? Do they take it as an assumption of future earnings? Argh...such complications! :rolleyes:

Moggles_2

InaPickle wrote: »

What do you do if you haven't had a year's worth of income? Do you just base it on what you've earned in the time you have been earning? Is this considered OK by the CC company and do they check? Do they take it as an assumption of future earnings?

It will be clear from the time you started this job, that you've not yet earned a full year's income.

Caution: please bear in mind that lenders launch these 0% balance transfer cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. If you've been working for less than 6 months, I'd wait until you have built up some employment history.

Meanwhile, I should concentrate on paying as much as possible off your other existing cc. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process. This, in turn, reduces the risk of further interest rate hikes

InaPickle

Moggles wrote: »

It will be clear from the time you started this job, that you've not yet earned a full year's income.

Caution: please bear in mind that lenders launch these 0% balance transfer cards, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. If you've been working for less than 6 months, I'd wait until you have built up some employment history.

Meanwhile, I should concentrate on paying as much as possible off your other existing cc. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process. This, in turn, reduces the risk of further interest rate hikes

Thanks Moggles! :T

Cage

How long should I wait before I apply for a CC if I have been a previous customer ?

i.e. I cancelled my Virgin CC after I paid it off in Feb 09. I would like to take advantage of their 16 months balance transfer offer again, would I be too early in applying again ?

Moggles_2

Cage wrote: »

I cancelled my Virgin CC after I paid it off in Feb 09. I would like to take advantage of their 16 months balance transfer offer again, would I be too early in applying again?

As you know, some lenders will not consider applications from former customers for various periods following closure.

I've no experience of re-applying to Virgin, but from feedback here, I'd wait at least 6 months.

The whole cancellation process (from the initial phone call to your lender) can sometimes span a couple of months, so it's advisable to check credit files to make certain your account was actually closed down and marked "settled" soon after you cancelled, before you re-apply.

Also, if you have other cards backed by MBNA, I would pay off the balance(s) first, otherwise you may be turned down or handed a low limit.

Alternatively, why not consider a different lender? There's no shortage of 0% BT cards currently. To help you further, we would need to know which cards - besides Virgin - you have at the mo or have held recently.